Stealing Stored Password on Lost iPhone is Possible

The Fraunhofer Institute in Germany has come up with extravagant ways to steal password from your iPhone. Apparently, according to the report published by the SIT lab, if someone manages to steal your iPhone, or if you have lost your iPhone, all the sensitive passwords and private information can be retrieved by jailbreaking the device. And the task gets easier if you have already jailbroken your device.

The discovery explains that anyone can decipher the iPhones’ encrypted password in six minutes flat. The research paper (PDF) also includes information on how Apple’s password-management system is exploited to divulge all the personal information stored on your iPhone. Don’t cast off your iPhone yet, because you’ll lose everything. So, its time to snuggle up with your device like there’s no tomorrow.

After the iPhone (iPhone 3G, iPhone 3GS and iPhone 4) is Jailbroken, the SIM card is removed. This is followed by a brief procedure that allows anyone to break into the device and access the stored password by running scripts. Attackers can potentially get hold of your Wi-Fi information, Gmail e-mail conversation and Exchange passwords.

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The exploit has been tested on the iPhone running the latest iOS firmware. This security weakness is unsettling for the iPhone, iPod touch and iPad customers — Apple really needs to beef up its security and work on fixing the issue.